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Accounting for Tradespeople

Being in the trades or building industry you need an accountant who understands your business.

At Tocumwal Accounting, we understand the unique nature of the trades, such as the importance of cash flow, quotes, invoicing, job costing and scheduling, progress payments, retention and variations, tracking project profits and paying sub-contractors. And this is on top of the usual small business compliance issues of GST, BAS, PAYG and Superannuation.

In the 2011-12 federal budget, the government announced a new requirement by certain businesses to report annually to the ATO on payments made to contractors in the building and construction industry.

The long hours and physical demands associated with being in a trade often means that accounting and taxation issues don't receive the attention they deserve.  Consequently, many tradespeople fail to manage their tax appropriately, resulting in paying too much tax, missing legislative obligations and exposing themselves to substantial fines or interest penalties. Failing to adequately prepare for tax obligations can also play havoc with your business cash flow that is so important in the trades.

What to Look for in an Accountant

As a business owner you need more than an accountant who just knows how to lodge your tax returns. We are not your average accounting firm and we aim to help you build a better, more profitable and valuable business by combining the knowledge of your business with our consulting tools and expertise.

Tradespeople are one of our specialist client groups and you can benefit from our experience. If you are looking to start a business in the trades talk to us about our comprehensive 45 page booklet, 'Starting or Buying a Small Business'. It is a valuable resource available to clients and explores all the key issues such as alternative business structures, GST and tax registrations, record keeping, legal issues, employing staff and preparing a business plan and cash flow budget.

How We Can Help You

Just like your trade, we recognise the need to deliver timely, quality advice and services. Our approach is personal and you will enjoy support, guidance and accessibility together with cost effective strategies and solutions.

Small Business is Our Passion and we offer you a full range of accounting, tax and financial services. Contact us today because your business success is important to us.